For Sale

7-9 Conway Square, Newtownards, BT23 4DA

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Commercial Property

Location of 7-9 Conway Square

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  • features
  • description

features

  • Best location in the thriving town of Newtownards.
  • Let to Specsavers and Del Piero's until 2027.
  • Annual rent of £44,250 exclusive.
  • Offers in excess of £550,000, subject to contract, are sought for the benefit of the freehold interest.

description

Location

Newtownards is located 10 miles east of Belfast and has a resident population of c.30,000 people together with a catchment population of c.165,000 people within a 15 minute drive time. In addition to being a busy commuter town it is a prosperous market town and administrative centre with major employers including Spirit Aerosystems, Denroy, Magellen Aerospace, Ards & North Down Borough Council, Willowbrook Foods, Mash Direct and Pritchetts. In total 8 of the top 30 manufacturing companies in Northern Ireland are located there.



Description

The investment comprises the following approximate areas.



9 Conway Square (Specsavers)

Ground Floor c. 1,106 sq.ft.

First Floor c. 2,585 sq.ft.



7 Conway Square (Del Piero's)

Ground Floor c. 1,250 sq.ft.



Both properties benefit from good rear servicing with parking.



Tenure & Tenancy

The property is freehold and is let as follows.



9 Conway Square (Specsavers)

Let to Specsavers Optical Superstores Limited from 21st July 2017 on a 10 year effective full repairing and insuring lease, expiring on 20th July 2027 at a rent of £27,500 pax and with an upward only rent review in July 2022.



7 Conway Square (Del Piero's)

Let to Pitstop Restaurants Limited trading as Del Piero's from 6th June 2017 on a 10 year effective full repairing and insuring lease, expiring on 5th June 2027 at a rent of £16,750 pax and with an upward only rent review in June 2022.



Specsavers are one of the worlds leading opticians with in excess of 2,100 stores and have a D&B rating of 5A1. Specsavers are responsible for c.62.15% of the total income.

Pitstop Restaurants Limited trading as Del Piero's were established in 2010 and are one of the provinces leading independent F&B operators with 10 outlets.



Price

Offers in excess of £550,000, subject to contract, are sought for the benefit of the freehold interest, reflecting a net initial yield of c. 7.67% after standard purchase costs.



VAT

Please note all prices, rentals and outgoings are quoted net of VAT which may be chargeable.

Property Costs

  • Status: For Sale
  • From£550,000
  • Stamp Duty: £0*

* Stamp duty rates provided as a guide only. Additional charges may apply. Please refer to the tax service's website for more information.

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